San Diego: Sunny Forecast Ahead – For the Economy and the Weather

Sunny, temperate California weather is certainly one of San Diego’s attractions. But it offers so much more than its fabulous climate. The city’s growth statistics are currently dominated by telecommunications, software and biotech, with the median age of its young, technology-focused population being 32.

Great pedestrian corridors with street-level retail and a crime rate to drool over mean tourists, residents and workers alike will walk, not drive, while dropping big bucks into the local economy.

San Diego’s Many Fans

Forbes magazine recently ranked San Diego sixth in its list of the Top 10 Best Places in America to Do Business.

Why? The reasons seem unending and include:

  • Excellent public and private partnerships — Already a biotech center, with 10 percent of all publicly traded biotech companies and eight percent of all U.S. biotech firms in residence, the City of San Diego recently inked a deal with Novartis AG, the world’s largest biotech company. The City’s $1.25 million incentive package will result in:
    • $9.98 million for the City’s General Fund over 37 years
    • 400 new jobs with average annual pay of $88,000
    • $984,400 for the University City facilities benefit assessment fund
    • $184,000 in housing impact fees for the Housing Trust Fund
  • Affordability — The median price of a single-family, detached home in San Diego rose 6.1 percent from April to May 2000, to $276,650. According to the California Association of Realtors, that is a 20.7 percent increase from last May. But housing still takes less of a bite than in other areas of the state. In Santa Clara County, by comparison, the median price of a single-family, detached home hit a historic high of $488,760 in the first quarter of 2000.
  • Educational levels — Nearly one-third of San Diego’s talented “over 25” work force has at least a bachelor’s degree, making it the most educated population group in California.
  • Foreign trade — San Diego received World Trade Center status in 1994, and the volume of foreign trade in San Diego has increased by more than 17 percent annually since 1983, double the national rate.
  • Telecom Valley — Perhaps because of its 200,000+ miles of fiber-optic cable, more than any county in the nation, San Diego has become known as the “Telecom Valley.” Or perhaps it’s because companies like Qualcomm have helped it become the nation’s center for wireless industries.

Top 10 to 2025

According to the City of San Diego Web site, independent studies indicate San Diego makes the top 10 U.S. cities list for prospective job growth through 2025. Expect continued growth in high-tech, and increased environmental, transportation, recreational goods and international trade.So, if you’re looking for abundant job opportunities, near-perfect weather and a low crime rate, San Diego may be just the right place for you.

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